How different segmentation types are performing in the global mobile offshore drilling unit market?

The global mobile offshore drilling unit market is expected to grow at a CAGR of 7.82% during the forecast period. Based on type, the global mobile offshore drilling unit market has been segmented into drillship, jack-up, and semi-submersible.

Offshore oil and gas E&P activities are gaining momentum due to the rising oil and gas demand globally. Drillships are increasingly being used in offshore oil and gas E&P operations due to their capability to drill up to around 8,200 feet or deeper. Newly developed drillships can also drill down to 12,000 feet or deeper.

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Many oil and gas companies are conducting their drilling operations offshore. Several drilling contracts are being awarded to oil and gas oilfield services providers. For instance, in March 2019, ADES International Holding Plc entered into a short-term exploration contract with Dana Gas PJSC for deepwater drilling services in the Egyptian Mediterranean basin. Such an increase in investments in oil and gas drilling will lead to a rise in deepwater and ultra-deepwater drilling activities and concurrently drive the demand for drillships, which, in turn, is expected to drive the growth of the global mobile offshore drilling unit market during the forecast period.